Greenlight Re Q2 net income drops 84% to $8.0M on weaker investment income

GREENLIGHT CAPITAL RE, LTD.

2024-Q2 EPS reported $1.01 revenue$366,176,000

Gross premiums written grew 9.1% to $169.0M; net premiums earned up 13.2% to $158.4M.
Underwriting income fell to $0.3M from $5.4M; combined ratio worsened to 99.8% from 96.2%.
Total investment income was $12.6M, down from $42.2M; Solasglas fund returned 1.2%.
Net income of $8.0M ($0.23 diluted EPS) vs $49.9M ($1.32) a year ago; BV per share rose 1.5% to $17.65.
U.S. severe convective storm losses from a run-off contract hurt underwriting; 2024 Investor Day set for Nov 19.

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